FirstFT: Gunman kills 50 in Florida, IMF warns on China debt and Libya appeals for support

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A gunman killed 50 people and inured 53 more at a gay nightclub in Orlando, Florida, in the worst mass shooting in US history. Authorities are investigating the massacre as a potential terrorist attack. 

The former wife of Omar Mateen, the suspected gunman, said he was "not a stable person". Mateen legally purchased two guns in the past few days despite having come to the attention of the FBI for potential  links to radical Islam, in a sign of just how easy it is to obtain weapons in the US. 

He called 911 moments before opening fire to pledge allegiance to the leader of Isis, though his family said he was motivated by his hate against the LGBT community. The jihadi group claimed responsibility for the attack.

LGBT people have long suffered discrimination — including a recent surge of anti-transgender bills — and violent hate crimes. On Sunday, the community mourned an almost unthinkable tragedy, one that many — including Senator Chris Murphy of Connecticut — argued was a product of politicians refusing to address an epidemic of gun violence and easy access to firearms.

There have been 998 mass shootings in the US since a gunman killed 20 children, six adults and himself at Sandy Hook Elementary in Mr Murphy's home state. (FT, WaPo, Daily Beast, NBC, HuffPo, Vox)

In the news

IMF warns on China's corporate debt The country's ballooning debt — which rose to a record 237 per cent of GDP in the first quarter — risks sparking a bigger crisis if authorities fail to tackle it, the fund warned. (FT)

China and US try to outsmart each other on Fed rises Both countries appear to be making concessions to each other — even as they play the long game over monetary policy. (NAR)

At least 20 dead in Syria airstrikes Bashar al-Assad’s regime or Russian warplanes carried out bombings in the northwestern city of Idlib, striking a market where at least five children were among the dead. The death toll was expected to rise. (Reuters)

Libyan forces appeal to the west Forces allied to the UN-backed government in Tripoli are seeking weapons to help secure victory over Isis militants in Sirte after making a series of quick advances over the weekend. (FT)

There's no such thing as a free lunch with Warren Buffett An anonymous bidder has paid nearly $3.5m for a charity lunch date with the investment guru and founder of Berkshire Hathaway. (FT)

It's a big day for

Apple The tech giant holds its annual developers conference in San Francisco, where it is expected to unveil the next phase of Siri's evolution. (FT)

Food for thought

Sergei Magnitsky's bitter legacy The story of an accountant who died in police custody has become, for many in the west, an allegory for Vladimir Putin's Russia — brutal, oppressive and corrupt. (FT)

How Donald Trump made millions on his bankrupted casinos The presumptive Republican nominee often boasts of his business prowess, but a report on his Atlantic City properties finds that the only business he seems to be good at is making himself rich. Keep track of the presidential race with our daily US politics newsletter. Sign up here. (NYT)

If Brexit wins out, let Britain go in peace Wolfgang Münchau argues that the economic consequences of leaving the EU would be less dramatic than the Remain campaign suggests — but other EU members should not exacerbate them by retaliating. (FT)

Censoring India In a rare instance of the industry showing some political spine, Bollywood filmmakers are up in arms over the heavy-handed attempt by Prime Minister Narendra Modi's handpicked cinema regulator to censor a gritty film about the epidemic of drug abuse in the farming state of Punjab. A court is due to rule on the matter on Monday, in what will be a test for both Indian free speech and Mr Modi's BJP and its tolerance for criticism. (FT)

Video of the day

A look at the week ahead Daniel Garrahan previews some of the stories the FT is watching in the coming days, including Disney opening its first theme park resort in mainland China, first-quarter results from Inditex, and central bank meetings dominating the economic agenda. (FT)